(8:04 PM ET) LOS ANGELES (MarketWatch) -- Bankrupted Japanese chip maker Elpida Memory Inc. plans to submit its restructuring plans to court next Tuesday and to start rebuilding as early as October under its new owner Micron Technology Inc. MU-2.46% , the Nikkei said in an unsourced report Wednesday. Micron agreed to buy the DRAM maker in July. However, 20 bondholders, including foreign investment funds, have offered to provide Elpida a credit line and time to find a new sponsor, saying the company is worth more than Micron is paying, the report said.
JDSU swings to loss, but results beat Street
(4:20 PM ET) SAN FRANCISCO (MarketWatch) - JDSU JDSU-3.44% on Tuesday reported a fiscal fourth-quarter loss of $24.3 million, or 10 cents a share, compared with a profit of $9.3 million, or 4 cents a share, for the year-earlier period. Revenue was $439.3 million, down from $471.8 million. Adjusted profit was 15 cents a share. Analysts were expecting a profit of 12 cents a share, on revenue of $421.6 million, according to a consensus survey by FactSet. For the current quarter, the company is expecting adjusted revenue in the range of $415 million to $435 million. Analysts were expecting $426.1 million, according to FactSet. Shares of JDSU were up more than 5% in after-hours trading.
JDSU slated to report results after hours
(3:34 PM ET) LOS ANGELES (MarketWatch) -- JDS Uniphase JDSU-3.44% is expected to release fiscal fourth-quarter earnings late Tuesday. The optical networking gear maker is forecast to report a 48% fall in earnings to 12 cents a share, on a 10% revenue decline to $421.6 million, according to a FactSet poll of analysts. Wall Street will also look for the release of quarterly equity-holdings reports from institutional investment managers.
Sears mulling sale of Lands End: report
(11:30 AM ET) BOSTON (MarketWatch) -- Sears Holdings Corp. SHLD+1.49% may sell off its Lands End unit as part of a vast ongoing restructuring, the New York Post reported early Tuesday. According to the Post, Sears Holdings Chairman Eddie Lampert has been meeting with investors to discuss the divestiture of Lands End, a major revenue generator for the troubled retailer. Sears will release its fiscal second quarter earnings on Aug. 16.
Angie's List, Yelp down; social media stocks fall
(11:06 AM ET) SAN FRANCISCO (MarketWatch) -- Several social-media stocks tumbled into the red Tuesday in the wake of Groupon Inc.'s GRPN-27.02% disappointing quarterly revenue results and forecast. Groupon shares fell more than 23% to a new low of $5.83. Also losing ground were Angie's List Inc. [s; angi], down 17% at $11.04; Facebook Inc.FB-5.65% , which saw its shares fall more than 3%, to $20.91 and Yelp Inc. YELP-6.62% , off by 3% to trade at $23.19.
Estee Lauder, Michael Kors lead retail sector
(10:50 AM ET) SAN FRANCISCO (MarketWatch) -- Retailers saw sizeable share price moves in trade Tuesday after reporting earnings before the open. Estee Lauder Cos.EL+9.31% reported a 25% fiscal fourth-quarter profit spike in line with Wall Street estimates. The New York-based beauty product manufacturer saw its share price rise 9% to $59.96 a share. Designer clothing and accessories manufacturer Michael Kors Holdings Ltd. KORS+16.48% reported their fiscal first-quarter profits nearly tripled. The move helped shares jump over 14% to $48.38 a share. Pittsburg-based Dick's Sporting Goods Inc. DKS-3.86% saw share prices fall over 3% to $48.82 a share after reporting a second-quarter profit decline. The moves made the S&P 500 Index's SPX-0.01%consumer discretionary sector the index's top gainer, advancing 0.4%.
Groupon downgraded to hold by Citigroup
(9:05 AM ET) SAN FRANCISCO (MarketWatch) -- Groupon Inc. was downgraded to a hold rating by Citigroup on Tuesday morning. In a note to clients, analyst Mark Mahaney cited Groupon's GRPN-27.02% sequential decline in gross billings as well as its disappointing forecast following its earnings report late Monday. "Groupon is building out a large local mobile eCommerce platform, but the ROI (return on investment) and timing of the necessary platform investments won't be known for some time," Mahaney wrote. "And this management team doesn't yet have an execution track record. And in the meantime, the core daily-deal business is sharply slowing." He also slashed his price target on the stock to $9 from $19.
Groupon off 23%, analyst slashes profit view
(8:34 AM ET) NEW YORK (MarketWatch) -- Groupon GRPN-27.02% fell 23% to $5.82 a share in premarket trades on Tuesday after the daily deals provider's second-quarter results stoked selling. Analysts at SunTrust Robinson Humphrey said the company's earnings were "disappointing" with a decline in gross margin and slowing subscription growth. Analysts cut their third-quarter earnings estimate for Groupon to in half to 2 cents a share and trimmed their fourth-quarter outlook to 2 cents a share from 5 cents a share in the face of thinner gross margins, increased technology investment and slowing international revenue.
Saks loss widens, sales up
(8:24 AM ET) NEW YORK (MarketWatch) -- Saks Inc. SKS+6.18% said Tuesday its second-quarter loss widened to $12.3 million, or 8 cents a share, from a loss of $8.4 million, or 5 cents a share, in the year-ago period. Excluding one-time costs related to its new fulfillment center in Tennessee and other items, Saks lost 5 cents a share in the latest quarter. Sales at the retailer rose to $704 million from $670.2 million. Wall Street analysts expected Saks to report a loss of 9 cents a share on sales of $690.6 million, according to a survey by FactSet.
Dick's Sporting profit down on JJB Sports loss
(7:52 AM ET) NEW YORK (MarketWatch) -- Dick's Sporting Goods Inc. DKS-3.86% said Tuesday its first-quarter profit fell to $53.7 million, or 43 cents a share, from $73.8 million, or 59 cents a share in the year-ago period. Excluding an impairment of 22 cents a share for its JBB Sports unit in the U.K., Dick's earned 65 cents a share. Total sales rose 10% to $1.4 billion. Wall Street analysts expected Dick's to earn 64 cents a share on sales of $1.4 billion, according to a survey by FactSet. The Pittsburgh retailer raised its 2013 profit estimate to $2.47 to $2.51 a share, from its earlier view of $2.45 to $2.48 a share. Analysts expect earnings of $2.52 a share for the year. "JJB's performance has materially deteriorated from its expectations, partly due to a worsening macro environment in Europe, adverse weather conditions in the first quarter and lackluster sales associated with the recent Euro Championships," the company said.
Michael Kors Q2 view beats forecast, shares up 7%
(7:22 AM ET) NEW YORK (MarketWatch) -- Michael Kors Holdings Ltd. KORS+16.48% on Tuesday said it expects second-quarter profit of 33 cents to 35 cents a share, ahead of the estimate of 28 cents a share in a survey of Wall Street analysts by FactSet. The retailer's first-quarter profit more than doubled to $68.6 million, or 34 cents a share from $24.1 million, or 13 cents a share, in the year-ago period. First-quarter revenue rose 71% to $414.9 million, after the company opened 76 new stores and grew same-store sales by 37%. Analysts expected first-quarter earnings of 20 cents a share and sales of $368.3 million. Michael Kors shares jumped 7% in premarket trades. "Michael Kors' luxury fashion designs are resonating globally with our customers," the company said. For fiscal 2013, Michael Kors expects earnings of $1.32 to $1.34 a share, ahead of the analyst estimate of $1.12 a share.